Mathematics, 01.08.2019 10:00 hughesnatalia2003

If the typical balance on lucy's credit card is $650 and the interest rate (apr) on her credit card is 18%, how much in interest would you expect lucy to be charged in a typical month

Answers: 1

Show answers

Answers

Answer from: debk

$9.75

Further explanation

Given:

The typical balance on Lucy's credit card is $650.The interest rate (APR) on her credit card is 18%.

Question:

How much in interest would you expect Lucy to be charged in a typical month?

The Process:

This problem includes the type of determining simple interest.

$\boxed{ \ I = P \times r \times t \ }$

where,

I = simple interestP = principal (initial amount) r = annual interest rate t = time (in years)

This time we will find out how much in interest we would expect to be charged in a typical month.

The data is as follows:

P = 650r = 18% or $\frac{18}{100}$ or 0.18 t = $\frac{1}{12}$ year (one month)

Let us calculate how much in interest we would expect to be charged in a typical month.

$\boxed{ \ = 650 \times \frac{18}{100} \times \frac{1}{12} \ }$

$\boxed{ \ = 65 \times \frac{3}{10} \times \frac{1}{2} \ }$

$\boxed{ \ = \frac{195}{10} \times \frac{1}{2} \ }$

$\boxed{ \ = \frac{97.5}{10} \ }$

$\boxed{ \ = \frac{975}{100} \ }$

Thus the amount of interest we would expect Lucy to be charged in a typical month is $ 9.75.

_ _ _ _ _ _ _ _ _ _

Notes

We must be able to distinguish between simple and compound interest. Please learn about this in the link attached below.

Learn more What interest (in dollars) does he receive annually? How much will our account accrue to in 9.5 years What is the total amount owed at the end of the 4 years

Answer from: angie07253

Lucy is expected to be charged by the interest amount of $\boxed{\$\:9.75}$ in a month.

Explanation:

The simple interest is the interest that is charged on loan amounts or any other payments made which are lapsed for certain time duration.

The simple interest on the principal amount at rate percentage for time duration of years is calculated by the formula as shown below.

$\boxed{SI = \frac{{P \cdot r \cdot t}}{{100}}}$

The typical balance on Lucy’s credit card is $\$\:650$ so the interest has to be charged on this value only. Hence, the principal amount is $\$\:650$ .

There are 12 months in a year so if the interest is charged as per month basis, the time of one month is taken as $\dfrac{1}{12}$ years.

Substitute 650 for , \frac{1}{12} for and 18 for to obtain the interest charged at a rate of 18% per annum.

$\boxed{\begin{aligned}{\text{Interest charged}} &=\frac{P\cdot r\cdot t}{100}\\&= \frac{{650 \cdot 18 \cdot \frac{1}{{12}}}}{{100}} \\ &= \frac{{65 \cdot 18}}{{120}} \\& = 9.75\end{aligned}}$

Thus, the interest charged at Lucy’s credit card is $\boxed{\$\:9.75}$ per month.

Learn More:

1. Learn more about algebraic expression

2. Learn more about linear equation application

3. Learn more about equations

Answer Details:

Grade: Middle School

Subject: Mathematics

Chapter: Simple Interest

Keywords: simple interest, interest, rate, time duration, months, years, rate percentage, principal, amount, credit card, Lucy.

Answer from: Quest

Idon’t get what to wear lol i ok i’m so sorry but whatever lol omg was my mom like

Answer from: Quest

hello i might . what do you need.

friend me

Another question on Mathematics

Mathematics, 21.06.2019 14:30

The multiplication property of zero states that the product of any number and 0 is 0. what must be true about either a or b to make ab=0

Answers: 1

Answer

Mathematics, 21.06.2019 20:30

Jason went to an arcade to play video games. he paid $2 for every 11 tokens he bought. he spent a total of $16 on tokens. which equation can be used to determine,t, the number lf tokens jason bought

Answers: 1

Answer

Mathematics, 21.06.2019 21:40

Scores on the cognitive scale of the bayley-scales of infant and toddler development range from 1 to 19, with a standard deviation of 3. calculate the margin of error in estimating the true mean cognitive scale score, with 99% confidence, if there are 12 infants and toddlers in a sample.

Answers: 3

Answer

Mathematics, 22.06.2019 01:10

Of jk j(–25, 10) k(5, –20). is y- of l, jk a 7: 3 ? a. –16 b.–11 c. –4 d.–1

Answers: 1

Answer

You know the right answer?

If the typical balance on lucy's credit card is $650 and the interest rate (apr) on her credit card...

Questions

Mathematics, 19.09.2019 20:00

Abowl contains 25 balls numbered 1 to 25. a ball is drawn and its number is noted. without replacing the first ball, another ball is drawn. the...